GODFREY PHILLIPS
Glass Lewis recommends against reappointment of Bina Modi as MD of Godfrey Phillips
US-based proxy advisory firm Glass Lewis has recommended that shareholders of Godfrey Phillips India vote "against" the special resolution to reappoint Bina Modi as Managing Director, citing concerns about her remuneration and lack of performance conditions. Glass Lewis supports Samir Modi's continued board presence despite ongoing family and boardroom conflicts.
US advisory co votes to oust Bina Modi from board of Godfrey Phillips, backs son Samir
Glass Lewis also advised shareholders to vote against Samir Modi's ouster from the company's board, according to a report by the firm, seen by ET. Bina Modi, 79, is the mother of Samir Modi. Her reappointment proposal will require the approval of 75% of shareholders because of her age. She is entitled to get 5% of the company's net profits for each financial year as commission.
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The New Shop in advanced talks to acquire 24Seven
Founded in 2019, The New Shop was negotiating to acquire the struggling 24Seven grocery chain from Godfrey Phillips India. The deal would rebrand 24Seven's stores, ensuring they operate around the clock under The New Shop name. Godfrey Phillips decided to exit the retail business, seeking to focus on other ventures.
Samir Modi removed from board of Godfrey Phillips amid family feud
Samir Modi has been ousted from Godfrey Phillips India's board amidst a family inheritance dispute. His earlier court-granted protection against removal was revoked. Charu Modi has been appointed to the board in his place. The removal occurred against the backdrop of cases Samir filed against board members, alleging assault and conspiracy.
Q1 results today: Godrej Consumer among 158 companies to announce earnings on Wednesday
Q1 results today: As the first quarter earnings season progressed, 158 companies, such as Pidilite, Godrej Consumer, NHPC, BSE, and ABFRL, announced their results. Godrej Consumer was projected to show a 46% increase in net profit but a slight dip in revenue. Kotak Securities highlighted growth in domestic volume and various categories.
Godfrey Phillips to go ahead with exit from retail business under 24Seven
Cigarette maker Godfrey Phillips India Ltd is proceeding with plans to exit the retail business under the '24Seven' brand after a district court in Delhi set aside an interim injunction. The board approved the exit on April 12, 2024, citing stakeholder feedback and market conditions. The retail business division had a negative net worth as of March 31, 2024, with revenue of Rs 403 crore in FY23-24.
Bina Modi should recommend Samir Modi’s appointment to Godfrey Phillips Board, says Delhi court
A south Delhi court mandated that Bina Modi must recommend Samir Modi for Godfrey Phillips India's board, though the nomination and remuneration committee will make the final decision. This comes amid Samir's claims of a conspiracy against him by his mother and other directors. The court also permitted the company's planned exit from the 24/7 retail business.
Bina Modi withdraws contempt petition against sons Lalit and Samir Modi
Godfrey Phillips director Bina Modi has withdrew her contempt petition against her sons, Lalit and Samir Modi, in the Supreme Court. The court ruled that Bina is not pressuring contempt against her son's allegations of assaulting him during a board meeting. Bina alleged that her sons repeatedly published contemptuous posts and interviews, containing patent falsities, in relation to a family dispute.
Modi family feud: Lalit Bhasin refutes Samir Modi's charges
These are the first public comments by any of the company's independent directors amid an ongoing shareholder fight in which family members have taken sides.
Godfrey Phillips succession battle: Bina Modi refutes assault allegations by son Samir
Godfrey Phillips director Bina Modi denies assaulting her son Samir during a board meeting. The family dispute between the Modis continues with allegations and counterclaims. Legal proceedings are ongoing as both parties present their sides in court.
Police affirm assault on Samir Modi by mom's PSO, but find no conspiracy
Delhi police’s status report affirmed Samir Modi, GPI’s executive director, was assaulted by Bina Modi’s PSO, with no evidence of criminal intimidation or conspiracy by Bina Modi or Lalit Bhasin. PSO Surendra Prasad denied receiving written orders. Bina Modi is a director and Bhasin an independent director at GPI. GPI's board did not respond.
Charu Modi joins board of Godfrey Phillips amidst shareholder fight
Charu Modi has been appointed to the board of Godfrey Phillips India amid an ongoing inheritance dispute within the KK Modi group. Charu, one of the late KK Modi's three children, has been associated with the group's education ventures but will now take a more active role in the company. She aligns with her mother, Bina Modi, who is in a legal battle with her sons, Lalit and Samir Modi, over the family's inheritance and the dissolution of a family trust established in 2014.
Samir, Lalit Modi question mother's use of voting rights
Samir and Lalit Modi have raised concerns over mother Bina Modi's potential influence through shareholder voting rights at Godfrey Phillips India Ltd due to her control over KK Modi Investment and Financial Services,. This has created a conflict over her reappointment to the company's board amidst a bitter family inheritance dispute. The brothers suspect their mother of misusing her voting rights, leading to legal actions and a looming decision at the upcoming annual general meeting.
Samir Modi assault case: Court seeks probe updates from cops
The younger son of KK Modi and Bina Modi had lodged a FIR with Delhi Police on Friday, accusing his mother, her personal security officer (PSO) and Godfrey Phillips directors of causing him "grievous hurt". Subsequently through his counsel advocate Vijay Aggarwal had moved the Saket district court seeking for monitoring of the investigation, preservation of the CCTV footage and calls records of the accused persons and seizure of their mobile phones.
Samir Modi accuses Godfrey Board of assault complicity
A court in New Delhi has directed the personal appearance of a Delhi Police investigating officer regarding the preservation of CCTV footage linked to the alleged assault on Samir Modi, an executive director of Godfrey Philips India, during a board meeting. The FIR alleges grievous hurt and wrongful restraint under IPC sections 325 and 341.
Fertiliser stocks jump up to 9% amid hopes of exemption in upcoming GST Council meeting
Fertiliser stocks surged by up to 9% on Wednesday following reports of anticipated relief for the sector through Goods and Services Tax (GST) rate rationalization, expected to be discussed at the GST Council meeting scheduled for June 22, Saturday.
Godfrey Phillips executive director Samir Modi alleges threat from mother, seeks police protection
Samir Modi seeks protection from Delhi Police amid estate distribution feud with mother, alleging threats from Bina Modi and Lalit Bhasin. He heads businesses like Colorbar Cosmetics and Modicare. Legal battle in the Supreme Court over trust deed.
Feud in Godfrey Phillips: Samir Modi accuses mother Bina of staging assault on him
A Godfrey Phillips spokesperson rejected the accusation. "These allegations are entirely false and atrocious," the person said. "The alleged episode occurred outside the board room when the audit committee meeting was in progress at about 12 noon. This has been captured on in-house CCTV cameras, which can be provided to the relevant investigating authorities."
Godfrey Phillips declares dividend of Rs 56 per share, posts 46% jump in net profit
The company declared a whooping 2,800% dividend. The net profit for the fourth quarter was reported at Rs 215.12 crore. Its revenue from operations increased to Rs 1,197 crore for Q4FY24 against Rs 974 crore reported in the corresponding quarter last year.
Technical Breakout Stocks: How to trade Godfrey Phillips, M&M and Dixon Technologies
India markets closed in the green for three consecutive days. Realty, auto, metal and consumer durable stocks saw considerable buying action. Godfrey Phillips and Dixon Technologies hit fresh record highs.
Godfrey Phillips woos Reliance, Tata & DMart to put 24Seven in their bags
Godfrey Phillips India had said in an exchange filing on April 12 that it plans to exit the loss-making 24Seven convenience chain "following a detailed review of the company's retail business division". The negotiations will hinge on valuation, said one of the persons cited. "The (Modi) group leadership has held talks with groups which have obvious synergies, as of now. The talks are at different stages," the executive said.
Godfrey Phillips to exit retail business division ‘24Seven’
Tobacco manufacturer Godfrey Phillips India Ltd has decided to exit its retail business division, 24Seven, after a negative net worth as of March 31, 2023, following losses. The decision was made after a thorough review of the division, considering stakeholders' feedback, long-term performance, market conditions, and long-term business strategy.
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